Transactions with Stablecoin Cards Surpass $10.9 Billion

Data from Paymentscan, as reported by payment provider RedotPay on August 25, indicates that global cumulative spending on stablecoin cards has exceeded $10.9 billion.

According to Paymentscan, July 2026 saw over $1 billion in card spending, marking it as the highest month in their data records. In comparison, the industry was only processing about $60,000 per month three years prior, as noted by RedotPay.

Stablecoin card spending exceeded $1 billion in July

Stablecoin cards enable customers to fund a payment method using assets like USDC or USDT. The service provider converts the stablecoin into the local currency of the merchant, leveraging the existing Visa or Mastercard infrastructure, as per an analysis by a16z crypto.

This setup allows merchants to receive traditional card payments rather than directly handling cryptocurrencies. Customers can spend their stablecoin balances at retail and online outlets that do not typically accept digital currencies.

Paymentscan’s data indicated that July saw around $1.04 billion in spending compared to $339.4 million the previous year, indicating an over threefold increase in monthly spending during that time.

However, it’s important to note that Paymentscan’s totals can differ based on the dataset used. An on-chain-focused report referenced by a16z put July’s volume at roughly $759 million, noting nearly nine million transactions. Paymentscan’s broader overview also incorporates off-chain data from card providers.

This discrepancy doesn’t invalidate either figure; rather, it highlights the need for readers to discern whether a total includes off-chain data supplied by providers or only on-chain transactions captured via supported blockchain networks.

Dollar-denominated stablecoins lead card transactions

In July, USDC comprised about 58% of the on-chain card spending tracked by a16z, while USDT accounted for approximately 26%. Euro-backed stablecoins once held a larger market share, but this dropped to around 2%, based on the released dataset.

The typical transaction value in the on-chain data was around $86, supporting RedotPay’s assertion that stablecoin cards are increasingly used for everyday purchases, including subscriptions, groceries, and travel.

Nonetheless, stablecoin card payments remain minor compared to traditional card networks. An estimated spending of over $20 trillion through standard cards is projected for 2026, according to data cited by RedotPay.

Despite this, payment networks are enhancing the infrastructure that supports these products. Visa claims that stablecoin-linked cards can be utilized at over 175 million merchant locations without requiring merchants to accept stablecoins directly.

In March, Visa and Bridge announced their intent to expand the reach of stablecoin-linked cards to over 100 countries. Additionally, Mastercard has introduced stablecoin settlement options and formed partnerships in regions such as Africa and the Middle East.

RedotPay anticipates $50 billion in annual spending

RedotPay estimates that the industry will process its subsequent $10 billion within eight months, compared to the roughly three years it took for the first $10 billion.

The company also expects stablecoin cards to achieve an annualized spending total of $50 billion by 2028. This forecast is specific to RedotPay and has not been independently verified by Paymentscan, Visa, or Mastercard.

RedotPay’s co-founder, Jonathan Chan, noted that Latin America currently exhibits the highest adoption rates and growth potential, followed
by Africa. He attributes this growth to the increasing payment needs, availability of stablecoins, better fiat conversion infrastructure, and clearer regulatory frameworks.

The Hong Kong-based firm reports over eight million users and an annualized payment volume greater than $14 billion; however, this figure includes both account top-ups and completed card transactions.

RedotPay has not provided audited financial documents to substantiate the user and annual volume claims, so these should be considered as company-reported metrics.

Improved access is bringing stablecoins into retail payments

The uptake of stablecoin cards has benefited from simplified deposit processes, enhanced fiat conversion, and integrations with mobile wallets. RedotPay promotes its capabilities for everyday purchases and stablecoin transfers through its platform.

These features enable consumers to utilize stablecoins without the need for merchants to engage in blockchain transactions. The card provider, along with its partners, manages the conversion, authorization, and settlement processes behind the scenes.

These products may serve as practical tools in markets where access to dollar accounts, international credit cards, or cross-border payments is limited. Dollar-backed tokens offer users exposure to digital dollars while card networks provide the essential connection to traditional points of sale.

Related analysis from crypto.news suggests that stablecoins are increasingly powering crypto cards by mitigating the payment volatility associated with cryptocurrencies like Bitcoin or Ether.

However, stablecoins do carry risks related to issuers, custody, compliance, and blockchain networks. Additionally, cards may impose conversion fees, transaction charges, and geographical limitations that differ across providers.

The forthcoming indicator will be whether monthly spending persists above the $1 billion mark post-July. Continued increases in transaction volumes, active users, and various independent card programs would lend further credence to RedotPay’s 2028 projections.